Tax time is approaching: here's 3 things you should start thinking about now
Mark Chapman, director of tax communications at H&R Block, shares his top three tips for retailers looking to prepare for tax time. As the tax year ends, it's time to take steps to minimize the tax liability for your retail business. Here are my top tips for year-end tax planning: Take advantage of the temporary full allowance One of the best tax breaks for businesses is a temporary full expense allowance. This means you can get an instant tax deduction on the cost of capital assets. With many companies offering end of year specials, now is the ideal time of year for companies to take advantage of the benefits of acquiring some much-needed assets to build your business while lowering your taxable profits. The tax break offers an immediate deduction of all investments from your annual profits. There's no cap on the cost of assets you can purchase, and if your business has sales of less than $ 5 billion, you're included. The temporary full allowance runs until June 30...